The Bitcoin (BTC) thread
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BTC went to 30k on Binance and the classic tapered "V" is observable which is identical to what happened in January 2015. It took the market a year to recover but this was in a bear market. The fundamentals haven't changed and I suspect over 100k btc before end of year. I also think there will be at least one more major pull back like this before the end of the year. It's eerily similar to 2017 where everyone is devastated, wished they took profit, then 3-4 months later the market comes back with higher prices.
Sending you a tip in December Deepdiver.
Robert High Hawk
Pelican
Anyone have thoughts on what our favorite lesbian treasury secretary just said about more crypto regulations?
Perfectly timed FUD?
More regulations to "protect" the people from a true free market?
The grasping hand of a chronically ill empire?
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U.S. seeks to have cryptocurrency transfers above $10k reported to IRS - Treasury
The Biden administration's tax enforcement proposal unveiled on Thursday includes a proposed requirement that cryptocurrency transfers over $10,000 be reported to the Internal Revenue Service.
Probably some insiders (Musk as well) had information about this.
U.S. seeks to have cryptocurrency transfers above $10k reported to IRS - Treasury
The Biden administration's tax enforcement proposal unveiled on Thursday includes a proposed requirement that cryptocurrency transfers over $10,000 be reported to the Internal Revenue Service.www.reuters.com
Probably some insiders (Musk as well) had information about this.
Agree with this. There's no way big players didn't get advanced notice.
There is a relevant demographic descriptor for Janet Yellen - and it isn't lesbian.
Big money looking for capitulation in any way possible.
China news: more crackdowns...
I heard a podcast about 1 month before the current crash that said there are two major threats to btc:
China - the great firewall/authoritarian culture
US: regulatory - Wall Street would LOVE btc if they controlled the market and/or had inside access like they do with fiat currency.
Both forces should be a 'given' and both forces can be mitigated.
The US one is probably more dangerous, as i said a few posts up, I am really surprised that "Wall Street" doesn't just collude to take over the ledger market.
I was honestly surprised too. Thought we'd weathered it all for a while after the first big dive this week. Still hodling, because it's basically just my stimulus money in there and I can't imagine the USD actually outperforming crypto this year, but wondering if everyone else is still feeling as positive about the outlook for the end of 2021.
Technically it looked like a sell to me, even before the crash. It was going very weak on 1w candles for some time. But it is now bouncing in 1d. I would expect it to take some time for it to build strength.
In 2017 there was a crash that took the total cap to levels a month earlier.
2021 has seen a bigger crash that wiped out two months.
Both of those crashes, particularly this 2021 one have a lot of marks that look like total market collapse, they went sideways for a few months and them FOMO + overtime.
I am proceeding with caution, but still expecting new ATHs. There was a lot of bad news and FUD in 2-3 weeks. If BTC can start powering back up to $50K and act as a safe heaven, people will soon forget about it. Back a short while ago I was in some DeFi vaults on AutoFarm. They had a botched implementation that led to a few percent of deposits disappearing somewhere. Their PR on it was good. They went from about $2B locked to $700M locked and their coin sank about 60%. Two weeks later they were both higher than they were before the issue and they haven't outlined their compensation plan yet. Elon's army are not the best.
The extreme pain now is what you buy, though it's not apparent what the trajectory is. The extreme pain in March 2020 was far more obvious. I bought in with out hesitation then + leverage.
This feels very similar to the 2017 period when people were very nervous being at about $80B. The difference is the technicals are really bad this time. One of the things that makes me more bullish is I don't feel we have had enough pain for a bull cycle. A few brief dips and this mega-crash. 2017 was not kind on weak hands. This is their first challenge this year.
I survived the 2017 crash so I plan to hold through this one too. I do wish I sold some at the top to then buy back in lower, but those kind of things are hard for people like me to plan out on.
Yes, it looks like we may have to wait until July for it to start back with a fury in August.
Why are people saying July:August?